Carnavale Resources Limited · ASX:CAV
Carnavale Resources — Diggers and Dealers 2025
18 slides from Carnavale Resources's conference presentation, Jul 22, 2025
Slide 1: Kookynie Gold Project: Near term production asset
Kookynie Gold Project Near term production asset Diggers and Dealers 2025 ASX: CAV 1 Carnavale Resources Limited (ASX:CAV) Investor Presentation
Slide 2: Cautionary Statements
Cautionary Statements For Consideration This presentation has been prepared by Carnavale Resources Ltd “Carnavale”. This document contains background information about Carnavale current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or
Slide 3: Board & Management
Board & Management Board of Directors and Management team with demonstrated exploration success Ron Gajewski Mr Gajewski is an accountant by profession, with many years of experience as a Director of public listed Non-Executive companies and as a corporate advisor to public companies listed in both
Slide 4: Corporate Overview
Corporate Overview West Australian, high grade gold project targeting near term production Capitalisation Data (22 July 2025) Previous 6 months Share Price Performance (22 July 2025) Share Price A$ 0.004 Issued Capital B 4.1 Market Capitalisation A$M 16.4 Cash - March ‘25 A$M 1.6 Enterprise Value A$
Slide 5: Carnavale Strategy
Carnavale Strategy Monetise Kookynie by taking to production • Update scoping study based on updated Resource # Indicated 77koz, Inferred 40koz, Total 117koz* • Complete Mining Lease grant including mining agreement • Complete BFS to trigger Joint Venture partner (80% CAV and 20% Western Resources)
Slide 6: Core asset: Kookynie Gold Project
Core asset: Kookynie Gold Project Niche high-grade gold development project • Prime Eastern Goldfields, WA location; o 60km south of Leonora & 150km north of Kalgoorlie o Proximal to multiple operating gold mines. • 117,000oz high-grade gold resource# o Includes 60kt @ 28.3g/t for 55koz. o 66% indic
Slide 7: Kookynie Gold Project: Numerous treatment options within 200km
Kookynie Gold Project Numerous treatment options within 200km 180 km Kalgoorlie 150 km Paddington 150 km Laverton 110 km Dacian Mt Morgans 105 km Davyhurst 85 km Red 5 KOTH Gwalia Leonora 60 km Carnavale Resources Limited (ASX:CAV) Investor Presentation 7
Slide 8: High Grade Swiftsure Deposit
Kookynie Gold Project High Grade Swiftsure Deposit Resource - 842t at 4.3g/t for 117koz# incl. Bonanza grade 60kt @ 28.3g/t for 55koz. 66% of Resource in indicated category Expansion potential remains down-dip and along strike Opportunity to replicate at other targets and grow Project Resource base
Slide 9: Swiftsure and new Tiptoe Prospect
Swiftsure and new Tiptoe Prospect X- Section and Long Section showing block model grades Bonanza grade shoot Section line Bonanza grade shoot • Updated MRE July 2025* • Bonanza grades central to the Swiftsure pit • High grade throughout the Kookynie Gold Project • Base of Pit 9 to approx. 300mRL - 1
Slide 10: MRE: Indicated v Inferred
375m MRE: Indicated v Inferred 2024 Pit 9 scoping study Long Section through Resource categories • Total resource increased by 38% to 117koz# June 2024 MRE 250m • Swiftsure Pit 9 all indicated Indicated – Orange Inferred - Green 875m • Tiptoe resources (11.5koz) - likely to be open pitable • Undergr
Slide 11: 2024 Scoping Study – conceptual open pit with underground development
Kookynie Gold Project 2024 Scoping Study – conceptual open pit with underground development 2025 Updated Scoping Study underway * ASX announcement 13 June 2024 - Robust Maiden Resource and Positive Scoping Study for Kookynie Carnavale Resources Limited (ASX:CAV) Investor Presentation 11
Slide 12: 2024 Scoping Study Outcomes
Kookynie Gold Project 2024 Scoping Study Outcomes* • Production target 421kt @ 4.6g/t for 62koz Au • 74% of Production target classified as indicated • Scoping study based on toll treat w/ contract mining • 100km transport @ 15c/t per km • $35t processing cost • 95% metallurgical recovery • Designed
Slide 13: Next Steps
Kookynie Gold Project Next Steps Update scoping study based on updated 117koz resource Complete Mining Lease grant including mining agreement Evaluate and finalise preferred mining strategy – owner operator, mining JV parter, using toll treating options Complete BFS to trigger Joint Venture partner
Slide 14: Investment Thesis
Investment Thesis Excellent Location - Niche high grade Exploration upside Strong technical team Eastern Goldfields, WA. resource Near term Production Supportive major Positive Scoping Study Strong Economics targeted shareholders Carnavale Resources Limited (ASX:CAV) Investor Presentation 14
Slide 15: For further information contact: Humphrey Hale, CEO
For further information contact: Humphrey Hale, CEO P: +61 8 9380 9098 ASX: CAV carnavaleresources.com Carnavale Resources Limited (ASX:CAV) Investor Presentation 15
Slide 16: Appendix
Appendix Carnavale Resources Limited (ASX:CAV) l Investor Presentation 16
Slide 17: Kookynie Gold Project: Updated Mineral Resource Estimate
Kookynie Gold Project Swiftsure and Tiptoe CoG 0.8g/t OP above 320m RL, 1.5g/t UG below320m RL. Category Kt Au g/t Au K oz Updated Mineral Resource Estimate* Indicated 426 5.6 77 Inferred 416 3.0 40 • 842k tonnes at 4.3g/t for 117koz* Total (Indicated + Inferred) 842 4.3 117 • 66% of the Resource is
Slide 18: Swiftsure Scoping Study: robust outcomes
Kookynie Gold Project Swiftsure Scoping Study: robust outcomes* NPV A$91m with an Max drawdown of Undiscounted IRR of 192% using 15m inc. Pre- Cashflow A$105m A$3,500 oz* production Capital $3m Payback period covered by 93% all in cost A$1,730 56% of production indicated per ounce from the Open pit.